Economics Vocabulary Quiz

What is the production, distribution, and consumption of goods and services known as?

• Goods

• Services

• Economics

• Currency Exchange

What term describes something you buy that you can hold or touch?

• Services

• Goods

• Currency

• Human Capital

What do you call something you pay for someone else to do for you?

• Goods

• Import

• Services

• Export

What is the term for goods that another country makes and brings into the country?

• Export

• Import

• Currency

• Exchange Rate

What do you call goods that are leaving the country to be sold in another country?

• Import

• Services

• Export

• Economics

What is money in the form of paper bills and coins used as a method of payment called?

• Currency

• Goods

• Services

• Human Capital

Which of the following is NOT a service?

• Haircut

• Car repair

• Buying a book

• House cleaning

Which of the following is an example of an import?

• Locally grown vegetables

• Foreign-made cars

• Homemade crafts

• Local bakery products

What are capital goods?

• Goods used in producing other goods

• Goods bought by consumers

• Goods sold in markets

• Goods stored in warehouses

What is bartering?

• A system of exchange without money

• A system of buying with money

• A system of selling services

• A system of trading stocks